Comstock, Bank of America settle loan dispute

JohnSpence

BOSTON (MarketWatch) -- Comstock Homebuilding Cos.
CHCI, -2.99%
said it's settled a dispute with Bank of America Corp.
BAC, -0.59%
related to a purported notice of default issued by B. of A. in October. Without releasing specific settlement terms, home builder Comstock said it's making a $5 million principal curtailment on its unsecured line of credit with Bank of America. The company added it's reached an agreement with B. of A. to extend the maturity dates and curtailment requirements of all outstanding loans. B. of A. withdrew the previous notice of default. "We are pleased to have resolved this dispute in an amicable fashion," said Comstock CEO Christopher Clemente in a statement.

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